Mega Millions lottery: Where does lottery money go in different states?

missouri lottery tax
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Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate Missouri state taxes of 4% percent are withheld on all prizes worth $ or more, and federal withholding taxes of 24% are levied on prizes worth $5,000

whats a straight in poker Then, because lottery winnings are counted as income, an additional 37 percent tax will be levied against the sum, dropping it to $251,753,040  The tax information provided here is based on 2024 federal marginal rates and state tax rates It shows the final federal and state tax burdens each year, not